Industry Expert Blogs

These days, an electronic product is much more than the silicon hardware that enables some of its functionality. More products are now driven by sophisticated software—consider the modern car with its 500 million lines of code! With software-defined products, in which operations and enablement of new features are primarily managed through software, verification and validation of these systems is dominating the cost of product development. For these products, digital twins enable a dramatic reduction in cost.

In the technology world, a digital twin is a virtual model or representation of a system under development, providing an efficient way to explore, analyze, and optimize a design before it is finalized. And once the product is out in the field, digital twins allow adjustments or even redesigns based on simulations using real-time data collected from sensors on the product. With a value of $12.9 billion in 2022, the digital twin market is expected to grow at a CAGR of 35% to 40% through 2030, according to industry analysts. This market growth is primarily driven by the increasing adoption of enabling technologies such as AI, enterprise internet of things (IoT) platforms, augmented reality (AR), and virtual reality (VR).

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